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The recent price jump of more than 30% in the last few days bring the $3.5 breakout. Will ENJ coin price rise above the $5 mark?
Enjin Blockchain ecosystem offers software products that make blockchain easy to trade, develop, market, and monetize.
Its roots lie in the gaming sector. Their first product, Enjin Network (a gaming community platform), saw the company grow to 20 million users within a decade.
Let us now learn about the technical analysis of the Enjin Coin.
Past Performance of ENJ
The ENJ coin price has jumped more than 30% in the past few days resulting in the $3.5 breakout. Moreover, the price action gives the bullish breakout of the rounding bottom pattern in the 4-hour chart.
Hence, the rounding bottom gives a target of the $4.25 mark. However, the momentum-driven uptrend may soon reach the $5 mark by the end of 2021.
ENJ/USD Daily Chart
ENJ Technical Analysis
The ENJ coin price breaks above the previous swing high in the daily chart. Moreover, the price jumped 20% last day, with a 32% jump in the intraday trading volume. Hence, traders can expect a bull run shortly.
However, the bull run may face opposition near the $4.65 and $5.80 Pivot Points—however, the $3.65 and $2.85 support levels.
The RSI slope climbs above the 70% line in the daily chart with a gradual rise from the 50% mark. Hence, the RSI indicator projects an increase in bullish momentum.
The MACD indicator shows a bullish crossover in the daily chart as the MACD and seller’s line rise higher in the positive segment. Moreover, the intensity of the bullish histograms is increasing gradually. Hence, the indicator gives a buy signal for the ENJ coin.
Upcoming Trend
Enjin Coin is an Enjin project. Enjin offers a variety of blockchain-based gaming products. Enjin Network's flagship offering is its social gaming platform that allows users to create websites or clans, chat, host virtual shops, and even set up chat rooms.
The uptrend in the daily chart showcases the breakout of the $3.5 in the daily chart, with the rounding bottom pattern completion. Moreover, the increased buying pressure and the multiple bullish candles offer strong momentum.
Moreover, the technical indicators are giving bullish projection showing increased momentum in the daily chart. Hence, traders can shortly observe the ENJ coin price rise higher above the $5 mark.